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Trade Deficit Expands to $14.24b

TURKEY
  • Turkey’s trade deficit rose to a lower-than-expected $14.237b (Est: -$14.40b, Prior: -$9.70b) in January, according to the Turkish Statistical Institute. Exports rose 10.3% y/y while imports rose 20.7% y/y, the figures showed.
  • Meanwhile, economic confidence fell to 99.05 in February from 99.33 in January, according to the Turkish Statistical Institute.
  • Egypt's Foreign Minister Sameh Shoukry will head to Turkey and Syria on Monday morning for the first such visit in a decade of tense relations with both countries, Hurriyet report. The trip aims to show "solidarity with the two countries and their brotherly peoples" after the devastating earthquake, a foreign ministry statement said.
  • Foreign Minister Cavusoglu said Turkey will resume high-level talks on March 9 over Swedish and Finnish bids to join NATO. However, Cavusoglu repeated that Turkey has fewer reservations about Finland’s NATO bid compared to Sweden following the burning of Islam’s holy book in Sweden in January.
  • Looking ahead this week, S&P Manufacturing PMI data crosses on Wednesday while CPI data (Exp: 55.70% y/y) and PPI data are both on the docket on Friday. The opposition alliance say they will name a unified contender to run against President Erdogan at the upcoming elections after a meeting on March 2.
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